Zacks Investment Research cut shares of New Jersey Resources (NYSE:NJR) from a buy rating to a hold rating in a research note released on Wednesday.
According to Zacks, “New Jersey Resources Corporation is an energy services holding company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses: New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains the natural gas transportation and distribution infrastructure to serve the customers. NJR Clean Energy Ventures invests in, owns and operates solar and onshore wind projects. NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions. NJR Midstream serves customers from local distributors and producers to electric generators and wholesale marketers. NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products. “
NJR has been the topic of several other reports. Wells Fargo & Co boosted their target price on New Jersey Resources from $45.00 to $47.00 and gave the company a market perform rating in a research note on Monday, September 17th. Guggenheim lowered New Jersey Resources from a buy rating to a neutral rating in a research note on Monday, September 10th. They noted that the move was a valuation call. Finally, ValuEngine upgraded New Jersey Resources from a hold rating to a buy rating in a research note on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $47.50.
New Jersey Resources stock traded up $0.13 during mid-day trading on Wednesday, reaching $45.97. 975 shares of the company’s stock were exchanged, compared to its average volume of 498,871. The firm has a market capitalization of $4.07 billion, a P/E ratio of 26.51, a price-to-earnings-growth ratio of 2.49 and a beta of 0.19. New Jersey Resources has a one year low of $35.55 and a one year high of $47.93. The company has a current ratio of 1.45, a quick ratio of 1.16 and a debt-to-equity ratio of 0.84.
New Jersey Resources (NYSE:NJR) last issued its earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.11). The firm had revenue of $543.44 million during the quarter, compared to the consensus estimate of $496.70 million. New Jersey Resources had a net margin of 7.60% and a return on equity of 18.68%. During the same quarter in the previous year, the firm earned $0.20 earnings per share. Analysts predict that New Jersey Resources will post 2.65 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Yorktown Management & Research Co Inc grew its position in shares of New Jersey Resources by 12.5% in the second quarter. Yorktown Management & Research Co Inc now owns 10,461 shares of the utilities provider’s stock valued at $468,000 after purchasing an additional 1,161 shares in the last quarter. Strs Ohio grew its position in shares of New Jersey Resources by 14.3% in the second quarter. Strs Ohio now owns 10,400 shares of the utilities provider’s stock valued at $465,000 after purchasing an additional 1,300 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of New Jersey Resources by 4.2% in the second quarter. Oregon Public Employees Retirement Fund now owns 33,785 shares of the utilities provider’s stock valued at $1,512,000 after purchasing an additional 1,353 shares in the last quarter. Arizona State Retirement System grew its position in shares of New Jersey Resources by 2.8% in the second quarter. Arizona State Retirement System now owns 60,911 shares of the utilities provider’s stock valued at $2,726,000 after purchasing an additional 1,685 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of New Jersey Resources by 115.2% in the first quarter. Sei Investments Co. now owns 3,282 shares of the utilities provider’s stock valued at $132,000 after purchasing an additional 1,757 shares in the last quarter. Institutional investors own 66.42% of the company’s stock.
New Jersey Resources Company Profile
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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